Glistening Decline: India’s October Jewellery Export Slump

India’s gems and jewellery exports fell by 30.57% in October due to pre-emptive ordering ahead of US tariffs, volatile bullion prices, and decreased demand. Recovery is expected in November with Chinese market rebound and Christmas demand. Major declines were noted in diamonds, gold, silver, and gemstones.

India's gems and jewellery sector faced a sharp downturn in October, recording a 30.57% decline in exports compared to last year, the Gems and Jewellery Export Promotion Council (GJEPC) reported.

This drop is attributed to anticipatory stockpiling before US tariffs took effect, along with volatile bullion prices impacting gold and silver exports, according to GJEPC Chairman Kirit Bhansali.

Looking ahead, November may see a rebound as Chinese markets recover and Christmas demand rises in other regions. Diamond, gold, silver, and gemstone exports all experienced notable declines in the last month.

(With inputs from agencies.)